The Following Is a List of the Eight Steps in the Accounting

question 19

Short Answer

The following is a list of the eight steps in the accounting cycle.Match the numbers 1 though 8 to the events below to indicate the sequence of the accounting cycle steps.
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A.Prepare and adjusted trial balance
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B.Prepare financial statements
_____
C.Identify, analyze, and record events in journal
_____
D.Prepare post closing trial balance
_____
E.Make closing entries in journal and post to ledger
_____
_____ F.Enter adjusting entries in journal and post to ledger
_____G.Post entries from journal to ledger
_____H.Prepare trial balance

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Definitions:

Trading Securities

Securities that a company holds with the intent to sell them in the short term to profit from price changes.

Income Statement

A financial report that shows a company's revenues, expenses, and profits or losses over a specific period, providing insight into operational performance.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the IASB that is used globally.

Fair Value Option

The fair value option is an accounting approach allowing companies to measure and report certain assets and liabilities at their fair values to better reflect market conditions.